27 Aug Edmonton Home Prices
If you’re looking to sell or buy a home in Edmonton, you may be wondering what the Edmonton home prices are. And this guide is here to answer your question.
Edmonton, home of the second largest mall in North America, is a hot real estate market. The average price of an Edmonton home stands at $399,000, according to WOWA’s latest report. However, this figure is subject to change depending on the type of home selected.
By the end of this article, you will have learned how the real estate market looks in terms of supply and demand. You will also learn about the various Edmonton house types, their prices, and how local REALTORS® help.
As a bonus, you will also learn the factors influencing Edmonton home prices. So, what does the Edmonton real estate market look like?
Table of Contents
Edmonton’s real estate sector has experienced a fair share of ups and downs. There has been an upward trend in pricing since the average price of an Edmonton home stood at $362,152 in 2019.
In 2020, the average price rose to $364,820, representing a 1% difference. 2021 came with a 2% value increase seeing the cost of an average Edmonton home rise to $372,116.
As of July 2022, the average Edmonton house price hit $399,000. According to the Canadian Real Estate Association (CREA), 2022’s first quarter saw residential sales increase to almost 50% than last year. And despite this, the demand for housing is still higher than the supply, making it a seller’s market.
That said, who is driving up the Edmonton home prices?
This group primarily focuses on the generation Zs looking to settle within the city. And while their primary goal is affordability, these individuals are sampling different home types.
If you are a first-time buyer, note that the inventory is limited. Moreover, home prices are increasing with the high demand, and the truth is that offers are made within days.
According to Global NEWS, out-of-province home buyers are attracted to Edmonton real estate. Moreover, most of these buyers are making it hard for Edmontonian first-time buyers to secure homes since they readily make offers.
And although provinces like Ontario have implemented a new out-of-state buyer tax, Alberta has not. This makes the market lucrative to investors looking to buy and hold for sale later.
Luxury homes in Vancouver and Toronto are averaging $3 million. However, with a budget of $1 million, Edmonton offers homes falling under the luxury class.
This drives more people to buy Edmonton luxury homes in neighbourhoods like Glenora, Windermere, and Laurier Heights. Moreover, luxury homes averaging $1,801,530 appeared on the Edmonton home listings as of March 2022. This is in contrast to recent years when no houses of this value sparked interest or even appeared on the market, according to experts
New listings keep popping into the real estate market daily, and you can never miss your home of choice. Also, note that these listings fall under three classes, new, renovated, and non-renovated homes.
It is therefore up to you to decide if a new home fits your needs or whether an old renovated one is much better. Moreover, know that non-renovated houses are cheaper, but the repairs needed strain your budget.
So what home types are in the market, and how are the prices?
According to the Edmonton Journal, condo prices have stagnated recently, especially during the pandemic. However, post-pandemic sales have gained momentum, with Edmonton’s condo sales rising to almost 62% year-over-year growth.
That said, the average condominium benchmark price as of July 2022 is $224,000. This figure represents a decrease of 4% month-to-month and 5.6% yearly.
According to Global NEWS, the demand for single-family detached homes is high in Edmonton. As of February 2022, the year-over-year difference in sales averaged 42%, with most homes spending 42 days in the market.
Moreover, with some homes going for over $1 million, the average Edmonton home prices are averaging half a million. The figure currently stands at an average of $510,000 as of July 2022 compared to 2020s $428,000.
This house cluster offers an excellent alternative to detached homes and is much more affordable. According to an Edmonton Journal report, townhouses account for 80% of the 115% increase in multi-family home sales.
That said, the average benchmark price for an Edmonton townhouse stood at $378,000. This amount represents a decrease in yearly and monthly values with 3.5% and 4%, respectively.
Are REALTORS® Necessary in the Digital Age?
No rule states that a REALTOR® must be present in a real estate deal. However, navigating the sector is challenging whether you want to sell or buy a home.
On the other hand, the digital age has made it possible for sellers and prospective homebuyers to connect and share information. While this opportunity seems to please the parties involved, why does a buyer or seller need a REALTOR®?
As you may know, buying a home is a life-changing decision; ideally, you want to buy a property that will meet your needs for years. As a buyer, you must have prepared yourself with a specific home requirement list highlighting what the home should have.
Note that Edmonton offers various house models, and not each will fit your budget. Moreover, even if you plan to take a mortgage, you are limited to a specific amount.
So how does the best local REALTOR® help get the correct Edmonton home prices? Local REALTORS® have the proper knowledge to align your budget with the right home choice. They can narrow down to select favourites through a vast REALTORS®’ network.
Also, note that their negotiation skills are top-notch, so you can rest assured of getting a deal worth every penny spent. They can also quickly check the property and get a negotiation approach that engages the seller. Due to the lack of exposure in the sector, this action can be hard to achieve on your own.
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While you are allowed to sell your home on a For sale by Owner basis, many benefits will be missing. You will not have the proper exposure and authority to steer the deal.
Also, note that real estate agents direct their clients to deals they are involved in, so your home lacks visibility. Selling your home also comes with a fair share of emotional distress. Remember you are letting go of a home you invested in, so there is a high chance you will reject counter offers that otherwise lead to negotiations.
Moreover, the real estate sector involves complex legal proceedings like seller disclosures. This proceeding demands discussing any fault the home may have with the buyer. Failure to do this can result in a lawsuit.
With the best local REALTOR®, the selling process becomes a breeze since you do not have to engage with the buyer’s agent. Note that these certified individuals are well trained in the art of selling homes and will negotiate the best price for your home.
Before buying or selling your home, note that several factors determine the average price. By knowing this information, you will be better off navigating the sector but if unsure, contact your REALTOR® for help.
That said, what affects Edmonton home prices?
As is the norm in real estate sectors globally, the more space a home occupies, the higher the price. However, note that there are considerations when calculating the livable space.
Typically, attics and garages are not considered livable spaces. Instead, spaces like the number of baths and bedrooms account for significantly. The lot size the property sits on also contributes to the cost, so more space translates to a higher value.
While the location of your home may be ideal for you, note that it is a primary factor during the property appraisal. Homes near amenities like schools and healthcare facilities command a higher value.
On the other hand, if your home is in an unsafe neighbourhood, you risk getting a lower price than other similar homes in safe areas. Crime rates affect a home’s value, so the better a home is located, the better its price will be.
While you may have a home in perfect condition and ready for sale, note that the state of the market has a significant impact. Real estate has its ups and downs, characterized by high and low demand.
When the demand is high and a few homes are available, the Edmonton home prices are usually high. This is called a seller market since sellers command the home prices.
On the other hand, buyers can choose between homes if the supply of homes is high. This situation favours the buyer, making the seller lower their initial price.
How a property looks typically commands its pricing. New homes have higher prices than old ones for various reasons.
They are fitted with new accessories and new structures and thus are guaranteed to need almost no repairs. On the other hand, old houses come equipped with old appliances and need much work.
The Edmonton home prices are showing an upward trend in year-over-year progression. And according to VOWA, the market saw a 3.3% month-to-month increase in July, having 8,325 listings compared to June’s 8,061.
That said, if looking to buy a home in Edmonton, the market is well supplied, and you can drive a hard bargain. However, note that the vast list of Edmonton homes can distract you, so keep focused and get a local REALTOR®.
Selling a home does not have to follow a general rule since you might be selling for personal reasons. Whatever your reason for selling a home, you must ensure to get the best deal.
Moreover, note that spring is a perfect time of the year to sell an Edmonton home. This is because most buyers are in a hurry to get new homes before the summer vacation begins.
Edmonton Home Prices Conclusion
Navigating the real estate market can be challenging for anyone looking to buy or sell a home. However, with the right Edmonton home prices guide, you can be sure to have a head start in the market.
The above guide has highlighted what you need to know about the Edmonton homes market and what is driving it. Moreover, you now know what affects the prices, so make an informed sale decision.
Contact Keylo today to learn more about the Edmonton home prices.
FAQs about Edmonton Home Prices
Will Edmonton home prices crash soon?
There are no indications of a price crash in Edmonton’s real estate market soon. With the increased immigration into the province, the demand for housing is increasing.
Do you have to share every detail of your home with the buyer?
Yes, it is crucial to be open and honest with your Edmonton home buyer before a sale. This action keeps you on the safe side of the law since the buyer can file a lawsuit for fraud and breach of contract.
Should I hire a real estate agent to complete the sale?
Yes, having a REALTOR® help you carry out the real estate transaction is advisable. These experts act in your best interest and will ensure the transaction process becomes a breeze.
What is the average price of a detached home in Edmonton?
The average price of a single-family detached home in Edmonton is $510,000. This amount represents an increase of 7.1% and 1.2% annual and monthly increase in value.
How can I pay for a new Edmonton home?
There is no fixed rule on the Edmonton home financing option since you can secure a mortgage or save to pay cash. It is up to you to assess your financial ability and choose the best mode of payment.